Update: Sovello has clarified to PV-Tech that the acquisition was indeed completed by Ventizz Capital Fund IV, L.P, which is the ‘Jersey-based private equity fund,’ detailed in a press statement. No changes have been made to the new ownership since the deal was first announced. Sovello is expected to make a public announcement of its own about the acquisition on Monday, April 26th.
The sale of ‘string-ribbon’ PV module producer, Sovello has been completed, according to a joint statement from its previous backers, REC, Evergreen and Q-Cells. However, just under a month ago, the partners announced that Sovello had been sold to Ventizz Capital Fund IV, L.P, part of Ventizz Capital Partners for an undisclosed sum.
REC reiterated that its subsidiary REC Silicon would continue to supply polysilicon to Sovello, but at lower annual volume rates than previously contracted.
Ventizz Capital Partners currently advises four funds with €675 million capital under management and is one of the largest private equity funds for venture capital and medium-sized tech buy outs in the German-speaking region. Ventizz Capital Fund IV L.P. is the largest of the four funds set up to date.
This article was updated: deleted and changed headline and last sentence 1st paragraph deleted.